This Month's News
Consider Providence Choice for 2022
Are you currently enrolled in the Providence Statewide medical plan? If so, you might want to move to the Providence Choice medical plan for 2022. Here's why:
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Higher quality care — The network for Providence Choice includes high-quality providers who get better results for their members. These providers focus on primary and preventive care. They work with the medical plan to help you manage any chronic health conditions.
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Lower out-of-pocket costs — PEBB has negotiated better provider rates for members enrolled in Providence Choice. This means you pay less for services and procedures.
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Lower employee contributions —You pay about 1% share of the premium. (In Providence Statewide, you pay about 5% of the total premium cost.) That savings can really add up!
Simply put, when you enroll in Providence Choice, you receive better value at a lower cost. What's not to like about that?
Your opportunity to switch plans for 2022 is coming soon during our annual Open Enrollment period in October. Watch for more communications over the next several weeks.
Did you know?
You have a $10,000 basic life insurance plan, paid by PEBB. You can also buy Optional Life Insurance through PEBB. Coverage amounts range in increments of $20,000 to a maximum of $600,000.
- If you enroll when you're first eligible, you can elect up to $100,000 without providing a medical history statement.
- If you enroll any other time, you will need to provide a medical history for any coverage amount.
When you purchase Optional Life Insurance, you can
access other benefits and services. These include:
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Estate planning assistance — Easy-to-use online tools that walk you through the steps to create a will, living will, power of attorney, health care agent form, and more.
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Financial planning — Online services to help you manage debt and other financial matters and/or access mortgage and loan payment calculators.
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Identity theft prevention — Ways to prevent identity thieves from accessing your personal information and steps to take if you become a victim of identity theft.
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Funeral arrangements — Calculate funeral costs, locate funeral-related services, and make advanced decisions about funeral arrangements.
These services could cost you thousands of dollars on your own. However, they are
free to you if you enroll in Optional Life Insurance.
Open Enrollment is coming soon. Don't miss your chance to purchase Optional Life Insurance in October.
Your 2022 benefits— Brought to you by the Board
The Board has been working hard to ensure you continue to have quality and affordable benefits next year. Here's what they've been up to:
The Board:
- Reviewed plan designs to make sure your benefits remain competitive with other employer plans. They also aligned the plans with the latest health care reform and IRS regulations, such as ensuring the annual plan deductibles are less than or equal to the federal limits.
- Directed our consulting partner, Mercer to negotiate low rates with our carrier partners. This saves both you and PEBB money. In fact, by state law your costs won't go up more than 3.4% each year.
- Listened to your feedback and worked with Mercer and our carrier partners to add the benefits and services most important to you in 2022. For instance: The Board approved a new generous benefit for fertility treatments beginning in 2022. You can receive up to $35,000 per year in medical and pharmacy benefits without having to pay a copay or coinsurance. Please check with your health plan for more details.
The process to review, compare, adjust, and implement benefit plans for the next plan year takes eight to nine months. Through it all, the Board works with its partners to balance multiple objectives with a focus on better health, better care, lower costs.
The Board's ultimate goal is to improve the quality and efficiency of your care, as well as your experience. All good things!
Is your current coverage right for you?
Life brings change, which means you may also need to make changes to your health care, life insurance, and other benefits coverage. The 2022 Benefits Open Enrollment period is almost here. Now is a good time to start thinking about whether your current coverage is still right for you. Think about your answers to these questions:
Health Care
- What do you expect to spend on health care in 2022?
- Which medical plan costs you the least? Use these handy tools during Open Enrollment in October to help you decide:
- PEBB's comparison tool allows you to compare costs for various services between plans.
- Try ALEX!
Alex is a fun and interactive online tool that allows you to answer a few simple questions and learn which plans make the most sense for you.
- Have you recently added a dependent through marriage, birth, or adoption?
- Have you recently been divorced and need to drop coverage for your ex-spouse?
Life Insurance
- Do you have enough life insurance coverage to support your dependents in the event of your death?
Tax-Savings Opportunities
- Do you want to save money on taxes by contributing to a Flexible Spending Account (FSA)?
- If you're planning to enroll or re-enroll in the Dependent Care FSA, are any of your dependent children turning age 13 in 2022? If so, their daycare expenses will no longer qualify after their 13th birthday.
- Are your work travel or parking expenses increasing in 2022? If so, the Commuter Accounts will help you save money.
If you want to add, drop, or make changes to your benefits for 2022, the upcoming Open Enrollment period is the time to act. Look for more details over the next several weeks.
Open Enrollment is mandatory for everyone this year even if you aren't making changes for 2022. Be sure to login and review and save your current benefit choices.